Our Daily
Market Reports

Morning Gold & Silver Market Report – 2/2/2012

BERNANKE WARNS CONGRESS OF ‘SUDDEN FISCAL CRISIS'  

Precious metals prices gained this morning amid a speech by Federal Reserve Chairman Ben Bernanke. Bernanke warned Congress that unless fiscal policy is on a sustainable path, this country is at a risk of a sudden fiscal crisis. “Although historical experience and economic theory do not indicate the exact threshold at which the perceived risks associated with the U.S. public debt would increase markedly, we can be sure that, without corrective action, our fiscal trajectory will move the nation ever closer to that point,” Bernanke said.

Gold may also be benefiting from other factors. Commodity demand was boosted by the U.S. jobless claims report, which showed that claims fell last week. Scott Gardner, chief investment officer at Verdmont Capital SA, said, “When economic news comes in better than expected, it boosts commodities, including Gold, as deflationary concerns subside.” Gold demand in India is significantly above average, according to UBS.  India has been the largest Gold consumer in the world in recent years. UBS added that new investors are coming into the Gold market for the first time in three months, thanks largely in part to the potential for quantitative easing. Edel Tully, a UBS analyst, said that such easing could give Gold “explosive ingredients” in 2012.

At 9:44 a.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,757.20 – Up $9.20.
  • Silver - $34.20 – Up $0.32.
  • Platinum - $1,630.40 – Up $6.20.
  • Palladium - $706.40 – Up $8.70.

« Return to Commentaries

World Market Trading Hours

Our spot prices are subject to change during the following hours, excluding holidays:

 
Gold
Silver
Platinum
Palladium
CONMEX &
NYMEX Markets
Monday-Friday
8:20AM-1:30PM
Monday-Friday
8:25AM-1:25PM
Monday-Friday
8:20AM-1:05PM
Monday-Friday
8:30AM-1:00PM
CME Globex
World Markets
Monday-Friday
6:00AM-5:15PM
Monday-Friday
6:00AM-5:15PM
Monday-Friday
6:00AM-5:15PM
Monday-Friday
6:00AM-5:15PM

Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

Back To Top

Items In Cart


There are no items in the cart.

PLATINUM